Ocean Financial Federal Credit Union reports mobile deposits surge during six-month COVID-19 lockdown
Volume nearly triples for Catholic Credit Union on Long Island
OCEANSIDE, NY (September 15, 2020) — Ocean Financial Federal Credit Union (OFFCU) today announced its mobile check deposits by members nearly tripled from March to July, from $565,000 to $1.3 million, as a result of members using the mobile check deposit function on their phones during the COVID-19 pandemic lockdown in New York.
“Even though we closed our branch lobbies to protect our members’ health and kept our drive-through windows open, it seems more and more people had the confidence in our mobile check deposit capability,” said Joe Tedesco, President & CEO of Ocean Financial Federal Credit Union. “Growing our capabilities like this also allows us to grow our membership for the future.”
In 2019, Ocean Financial members used their mobile devices to deposit $7.8 million into accounts. This year, they have deposited $8.7 million. At its current pace, OFFCU predicts it will exceed $13.5 million in mobile check deposits by year’s end, which would be a record for the traditionally smaller credit union, located on the South Shore of Long Island.
The OFFCU mobile app has offered mobile check deposit capability since 2015, with an upgrade during their rebranding in 2017, and has grown consistently month-over-month, reaching steady highs through 2020.
“We have worked very hard to put big banking tools like mobile check deposit, Zelle and credit score checks into the hands of our members while maintaining the security and integrity of our members’ accounts,” said David Franco, Chief Information Officer for OFFCU. “It allows us to punch above our weight class while still offering the benefits of a community-focused financial institution.”
About Ocean Financial Federal Credit Union
Ocean Financial Federal Credit Union was formed in 1969 by a group of Father Joseph O’Connell Knights of Columbus members looking to provide financial services to Brother Knights and their families. Over the years, the credit union has evolved in name and in field of membership, while maintaining ties to their Catholic roots. Today, Ocean Financial has grown to over $378 million in assets, serving members of the Knights of Columbus in New York State, the Diocese of Rockville Centre, and any Catholic interested in the credit union. Inspired by their Catholic values, Ocean Financial provides exceptional products and services to the Catholic community. The credit union takes pride in having Catholic values you can bank on. Ocean Financial promotes these values through the entire organization, down to the logo. To learn more, visit https://www.oceanfinancial.org